XGLOBAL Markets Expands into South Africa by Acquiring 98 Degrees

Cyprus based, CySEC-licensed Retail FX and CFD brokerage group X GLOBAL Markets Ltd, which operates the XGLOBAL Markets brand, has announced a 45% acquisition of South African FSCA regulated broker 98 Degrees Alternative Risk (Pty) Ltd, which has now been rebranded as XGLOBAL Africa.

The firm's local team have been retained so their local knowledge and expertise can be used to best approach the market. This move comes at a time when XGLOBAL is expanding its local presence on a global scale, in its efforts to reach a broader client base for its FX and CFD brokerage offering.

Samir Dbouk, CEO and major shareholder of XGLOBAL Group said:"We have been looking into expanding our presence in the African continent for some time. We partnered up with 98 Degrees, and we agreed that XGLOBAL Africa would be a good name that reflects our interest in that region. We have added payment gateways to support that endeavour and remain optimistic that we can bring good change to the way brokers offer services in that region."

It was reported the decision to move into the South Africa market was taken mid 2021 following XGLOBAL's assessment of local brokerage facilities within Africa, as well as the demand and characteristics of the local markets. XGLOBAL took the route of acquiring part of an established local firm with the necessary licenses in place, which has provided a fast route to market while arming the group with an existing local team.

Samer Sader, Founder and Chairman of 98 Degrees group of companies said:"Through our vast knowledge and expertise of the South African financial services industry, gained over the last twenty years, we aim to deliver industry leading and bespoke service to our X Global Africa clients. Our ability to achieve this is amplified and enhanced by our professional team and as a result of our strategic alliance and partnership with the XGLOBAL Companies."

Source: FX News Group